News blog
AIM 50 Digest 31 December 2024
- BY: Andrew Hore |
- POSTED: 02/01/2025 |
Cohort (CHRT) reported interim figures ahead of expectations. Revenues were one-quarter ahead at £118.2m and underlying earnings nearly doubled to 20p/share. The interim dividend is 10% higher at 5.25p/share. The order book was worth £541m at the end of September 2024, including more than £120m in the second half. The acquisition of EM Solutions should complete in February.
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Impax Asset Management (IPX) has lost the mandate from St James’s Place for its Sustainable & Responsible Equity Fund. It will end in February. There are £5.2bn of assets under management and annualised revenues will be reduced by £12.7m. In 2023-24, group revenues were £170.1m and underlying pre-tax profit was £49.4m.
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Parkmead Group (PMG) is selling its subsidiary that holds its UK offshore oil licences. Serica Energy (SQZ) is paying an initial £5m in cash with a further £9m in cash over the next three years and up to £120m of contingent consideration. The contingent consideration relates to the potential Skerryvore and Fynn Beauty. Parkmead is also released from the obligation to spend £16m on drilling a well at Skerryvore. The Netherlands gas licences, and onshore UK renewable energy development assets are being retained.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) says that the Megrez-1 well shows a large light liquids column and there appear to be three hydrocarbon bearing zones. This is in the Ahpun field. Long-term testing will start early in 2025. There was a cash outflow of $17.7m in the year to June 2025. Since then, £22.5m was raised at 17p/share. More recently, Michael Spencer increased his stake from 6.99% to 7.19%.
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Translation services and software provider RWS (RWS) reports a 2% dip in full year revenues to £718.2m, while underlying pre-tax profit was 11% lower at £106.7m, even though gross margin improved. The total dividend is 2% higher at 12.45p/share. Net debt was £12.9m at the end of September 2024. AI products should help revenues to grow this year, although organic growth is set to be modest.
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Pan African Resources (PAF) expects to produce around 215,000 ounces of gold in the year to June 2025, which is a 16% increase on last year, although first half production will be lower than some estimates. A further rise to 235,000-250,000 ounces is expected for next year. The ending of most of the hedging contracts means that there will be further benefits from the spot gold price after February. Debt should be paid off within 18 months. Pan African Resources has completed the acquisition of Tennant Consolidated Mining Group.
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ITM Power (ITM) is supplying three NEPTUNE V units to a German company. NEPTUNE V is a 5MW containerised electrolyser plant. It has also secured a contract for a 50MW green hydrogen production site in the EU. This will have ten NEPTUNE V units. These should be delivered in 2025.
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FD Technologies (FDP) has sent a circular to shareholders so they can approve the proposed tender offer of up to £120m. The tender off is at 1880p/share. The tender closes on 22 January.
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IDOX (IDOX) has secured a £2.4m contract with North Yorkshire Council to consolidate eight planning and building control systems into one cloud-based system. This should improve efficiency.
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Volex (VLX) decided not to bid for TT Electronics.
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SigmaRoc (SRC) chairman David Barrett bought 85,000 shares at 70.6p each. He owns 0.35% of the building materials supplier. Richard Griffiths has reduced its stake in Niox Group (NIOX) from 12.99% to 11.9%. Slater Investments raised its stake in Fintel (FNTL) from 10.1% to 11.1%.
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